The appointment is the latest for Merrill, which was teetering on the brink of collapse when Bank of America bought the brokerage firm at the US government's behest.

In June, Niemczyk will move to the company's New York office from London, where he held a similar position at UBS.

"We expect to see more consolidation and increased capital needs among financial institutions, including asset managers," said Michael Rubinoff, head of global financial institutions corporate and investment banking at Bank of America Merrill Lynch. "Steve's expertise in advising asset management companies is a vital addition to our team."

Bank of America shares were recently down 1 cent to $7.48. The shares are down more than 80% since a 52-week high in May.